XRP Surges Above $3, Then Pulls Back on Profit-Taking
- XRP surged past $3, then retraced due to heavy profit-taking.
- Trading volume more than doubled during the price action.
- Institutional activities played a significant role in these movements.
XRP surged past $3 for the first time since 2018, fueled by increased altcoin interest and significant trading activity, before a retracement occurred due to substantial institutional profit-taking.
The event highlights growing altcoin volatility and institutional interest, contrasting Bitcoin and Ethereum’s stability, and suggests potential shifts ahead with XRP as a focal point in market discussions.
XRP surged above $3 for the first time since 2018 due to renewed altcoin interest and spot ETF inflows. However, XRP jumps above $3, then quickly stalls on profit-taking as it quickly stalled and retraced due to significant profit-taking by institutional investors.
Ripple, the entity behind XRP, showed no immediate commentary from key executives on these events. Leadership includes Brad Garlinghouse and David Schwartz. Daily trading volume more than doubled, showing heightened market activity.
The rally saw XRP outperform Bitcoin and Ethereum, indicating a rotation into altcoins. Market liquidity showed stress, with a temporary floor at $2.75 as institutions booked profits.
On-chain activity reached peak sell pressure, as massive institutional flows impacted the market. The SEC v. Ripple case remains a crucial element, with legal outcomes potentially affecting market behavior.
“Currently, all eyes are fixated on whether XRP can hold its ground at the $2.75 level, as breaking below will mean trouble.” — CryptoGoos, Crypto Analyst via Twitter.
XRP’s last comparable spike was in 2018, followed by a significant correction. Community analysts stress the importance of holding the $2.75 level to prevent further downside. Insights into potential financial impacts include possible regulatory shifts and increased volatility typical in altcoin cycles. Historical trends suggest XRP remains sensitive to speculative capital flows.
